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 ISO's Estimated Loss Cost Quote Report — available through the SPI Plus® system — gives you a quick, simple, and economical way to estimate a specific commercial loss cost while you wait for an on-site survey.
ISO's property information database contains loss costs on about 3 million buildings and more than 5.4 million individual businesses occupying those buildings. If the SPI Plus system can't find a loss cost for a property you're rating — or if the occupancy information in the database doesn't match what's on an application for insurance, then simply order an Estimated Loss Cost Quote Report.
Estimated Loss Costs also let you conduct what-if analyses. You'll see in real time the potential effect on loss costs from factors such as changing the business occupancy, installing a sprinkler system, or improving the Public Protection Classification (PPCTM).
Here's how it works
The system uses ISO's past analyses to develop Estimated Loss Costs for any commercial property. We've modeled various categories of specifically rated buildings and occupancies, using buildings now in the database. You just enter some basic info about your risk. The Estimated Loss Cost Quote Report provides typical results based on the information you enter.
If you find the address and building you're looking for in the database, but not the business you need to quote, the system will prompt you for the occupancy code and square footage of the business. Knowing the Commercial Statistical Plan (CSP) occupancy code will help. But we've also provided drop-down windows to help you identify the right code.
If you don't find the building you're looking for in the database, the system will prompt you for:
- construction, number of stories, and square footage
- business info, including occupancy classification and square footage
- whether the building is sprinklered
We also provide drop-down windows to help you enter the construction and occupancy info.
Here's what you get
- building and occupant Estimated Loss Costs — for Basic Group I (BGI) and Basic Group II (BGII) causes of loss
- building and occupant CSP codes — including BGII, construction, occupancy, PPC, rating plan, and territory
- Experience Level Adjustment (ELA) — If your company hasn't adopted the current ELA, you can choose the appropriate past one.
- Limit of Insurance (LOI) — LOI curves provide varying loss costs (per $100 of insured value) as the limit of insurance changes. LOI rating reflects the need to vary the rate depending on the actual limit selected.
- class or specific loss costs — Based on your input, the Estimated Loss Cost function applies the ISO Commercial Lines Manual class-rating eligibility rules and returns the appropriate loss costs. If the property is eligible for expanded class rating, the Estimated Loss Cost Quote Report displays both class and specific results, so you can select according to the rules your company has adopted.
Custom data and consulting services
ISO also provides manual and automated support for your special projects, like renewal underwriting and reviews. Ask about our custom data and consulting capabilities.
Follow the link for Sample Estimated Loss Cost Quotes.
For more information . . .
. . . about ISO's Estimated Loss Cost Quote Report — or to get in touch with a sales representative — contact ISO. You can also call us at 1-800-888-4476. |
View the interactive brochure
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